China says economy is steadying

China's government tried to assure the company of it's economic situation saying the growth is stabilizing after the long decline. It said the official target of 7.5 percent for the year is expected to hit.

The announcement came as a response to the unease regarding the country's deep slump, which hadn't been this bad since the 2008 global crisis.

Spokesman Sheng Laiyun said there are signs of stabilization and that they are confident about hitting their "full-year growth target."

The slowdown had happened since the government tried to nurture more self-sustaining growth based on consumption domestically.

Sheng said "we are monitoring the situation carefully and right now the issue is under control."